Some of the aspects of this policy:
- SBI Life – Smart Champ Insurance, a traditional participating child insurance plan, helps in securing your child’s educational needs. Enjoy smart benefits through four equal annual installments after your child turns 18 years of age.
This plan offers an array of benefits, including –
- Security – to ensure your family is financially protected
- Reliability – to secure your child’s future
- Flexibility – to choose the premium payment option
Some of the amazing features and advantages of this policy:
- Life and Accidental Total Permanent Disability (ATPD) coverage throughout the policy term
- Immediate payment of sum assured and premium waiver in case of an eventuality
- Smart benefits in four equal annual instalments after the child reaches 18 years of age
- Pay one-time premium or limited premium
- In case of an eventuality, your family receives a lump sum amount to tide over immediate financial challenges
- Your child will receive the plan benefits as you envisaged, without the burden of premium payment
- Option to pay one-time premium or limited premium as per your comfort
Some of the SBI LIFE – SMART CHAMP INSURANCE Policy benefits are as follows,
A lump sum amount immediately:
- For SP Policy: The amount of benefit is Sum Assured.
Where Sum Assured is higher of Basic Sum Assured or a multiple of Single Premium; where multiple is:
Policy Term Age at entry of Life Assured less than 45 years Age at entry of Life Assured 45 years or more All terms 1.25 1.10
- For LPPT: The amount of benefit is Sum Assured Where Sum Assured is higher of basic sum assured or multiple of annualized premium* or 105% of all the premiums paid till the date of occurrence of the insured event.
Where multiple is:
Policy Term Age at entry of Life Assured less than 45 years Age at entry of Life Assured 45 years or more 8 and 9 years 5 5 10 years or more 10 7
*Annualized premium is the premium payable in a year, excluding service tax, cess, the underwriting extra premiums and loadings for modal premiums, if any.
- No future premium installment(s), due, if any, are required to be paid. The policy continues to accrue bonuses, if applicable.
- Due installment(s) of Smart Benefits are payable. Terminal bonus, if any, will be paid along with the last installment of Smart Benefits.
Benefit payable on survival
You will receive the Smart Benefits, which will be paid at the end of the policy year in which the child completes 18, 19, 20 and 21 years of age, as mentioned in the table below:
|Age of Child||Smart Benefits|
|18 years||25 % of Sum Assured + 25% of Vested Simple Reversionary Bonus|
|19 years||25 % of Sum Assured + 25% of Vested Simple Reversionary Bonus|
|20 years||25 % of Sum Assured + 25% of Vested Simple Reversionary Bonus|
|21 years||25 % of Sum Assured + 25% of Vested Simple Reversionary Bonus + Terminal Bonus, if any|
Option to receive the discounted value of the future due installment(s) plus the terminal bonus, if any, in a lump sum amount during the last 3 policy years.
To know more about the terms and conditions of SBI Life – Smart Champ Insurance, read the following documents carefully.
- All the references to age are age as on last birthday.
- For Monthly mode, 3 Months premium to be paid in advance and renewal premium payment through Electronic Clearing System (ECS) or Standing Instructions (where payment is made either by direct debit of bank account or credit card) For Monthly Salary Saving Scheme (SSS), 2 month premium to be paid in advance and renewal premium payment is allowed only through Salary Deduction
- In cases where APC&CA option is chosen, policy term should be appropriately chosen, so as the Maximum age at Maturity of the option is not breached.
One important aspect is Tax Benefits:
- Tax benefits are as per Income Tax Laws & are subject to change from time to time. Please consult your Tax advisor for details.
- You are eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time.